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A blog for breaking sales and neighborhood real estate news.

Northern Manhattan activity has been off the charts. In 2014, 464 buildings are expected to sell, an increase of 17% from the form record high in 2013. In 3Q14, almost 150 properties sold – one of the strongest quarters ever. 

Through 3Q14, the average price per square foot was $303, up 19% from 2013.  At a property type level, walk-ups (24%) and mixed-use (39%) buildings have seen the strongest increases.  Those two property types make up the majority of Northern Manhattan’s building stock.

Massey Knakal will be at the ICSC New York National Conference on December 8th and 9th.  Be sure to stop by our booth!

The East Side Elevator Portfolio, consisting of five trophy assets on the east side of Manhattan, has been sold in transactions with an aggregate value of $126,250,000. The portfolio features one property in the East Village and four properties on the Upper East Side and consists of 267 units.
The portfolio consists of 264 residential units, two commercial units, and one professional unit totaling approximately 144,043 square feet.  Of the 264 units, 196 are fair market while 68 are rent stabilized.  The unit mix consists of 59 studios, 152 one-bedrooms, 28 two-bedrooms, 19 three-bedrooms, and six four-bedrooms.  The properties represent some of the most premier assets within their respective locations.
“The multifamily sector has always been the most active in the city and today is no different. The interest in these properties was from every corner of the globe and from a widespread array of buyer types,” said Massey Knakal Chairman Bob Knakal, who exclusively handled the transactions with Thomas D. Gammino, Jr., Guthrie Garvin, and Michael DeCheser.

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Photo 1: 176 East 3rd Street
Photo 2: 344 East 85th Street
Photo 3: 420 East 66th Street

Massey Knakal Turkey Bowl

11/25/2014 10:29:02 AM/ Massey Knakal/ News

Massey Knakal held its 3rd annual Turkey Bowl on November 21st at Brooklyn Bridge Park Pier 5.  The Manhattan office took on a team made up of the Brooklyn, Queens, and New Jersey offices.  The Manhattan team held a 18-0 lead at the half, but a strong comeback from the opposing side gave the Brooklyn/Queens/NJ team the victory, with a final score of 32-26.

Massey Knakal Retail Leasing Services has been retained to secure a tenant for a retail space at 249 East 57th Street. The space is located between Second and Third Avenues in Manhattan’s Midtown East neighborhood.

The space contains approximately 1,405 square feet on the ground floor with 10-foot ceilings. It features approximately 14 feet of highly visible frontage along 57th Street.   The space was formerly occupied by a furniture store but all uses will be considered.

Located on the Eastern end of Manhattan’s “Billionaire’s Row” in the Design District, the property is in proximity to multiple new developments, including the recently opened Whole Foods and a luxury residential tower at 252 East 57th Street.  Neighboring tenants include Duane Reade, BoConcept, Lillian Nassau, TD Bank, Roche Bobois, Decorfin, and the Pita Grill.
“57th Street is quickly becoming one of the most desirable retail areas in the city due to the high-end residential development along the entire corridor.  This is an opportunity for the right business to take advantage of an open space in a great location,” said Massey Knakal’s Anthony Andreoli, who is exclusively marketing this space.

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Neighborhoods: Midtown East

A development site at 70 Henry Street, located on the corner of Orange and Henry Streets in Brooklyn Heights, was sold in an all-cash transaction valued at $7,500,000.  

The subject property is an approximately 4,163 square foot corner lot.  It currently consists of a one-story commercial building and benefits from approximately 14,321 as-of-right buildable square feet. The property is located in the Brooklyn Heights Historic District and is subject to Landmarks Approval. The sale price equates to approximately $523 per buildable square feet.

“70 Henry Street presents the rare opportunity to build a new construction luxury residential building in Brooklyn Heights, one of New York City’s premier neighborhoods,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction.

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Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

The northern New Jersey investment sales market has remained on pace with the fi rst half of 2014, and due to a strong third quarter showing is expected to finish the year north of $5 billion, the highest annual total since 2007. Dollar volume for 1-3Q14 has reached $3.9B and transactions total 995, both a 40% increase from the same period a year ago. Pricing has remained at 1H14 levels, averaging $176 PSF, a 10-year high and 68% higher than 2013’s average.

Northern New Jersey saw a slight uptick after the mid-point of 2014, with 3Q14 sales totaling $1.5B in dollar volume. This represents a $400M increase from 1H14’s quarterly average, which occurred due to a spike in office sector dollar volume. With this bump in activity, overall dollar volume is expected to reach $5.2B on an annualized basis, representing an 8% upward adjustment from 1H14. Annualized transaction volume remained on track with 1,327 transactions expected by year-end 2014. The following sections will highlight and update two sectors from northern New Jersey’s investment sales market.

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Neighborhoods: Union County, Essex County, Bergen County, Passaic County, Middlesex County, Hudson County

Massey Knakal Realty Services has been retained on an exclusive basis to sell a large development site located at 320 West Fordham Road. The property is bound by the Harlem River to the west, Fordham Road to the north, and the Major Deegan Expressway to the east, in the University Heights neighborhood of the Bronx.  The asking price is $29,000,000.

The riverfront development site consists of an approximately 149,750 upland square foot lot.  It offers over 515,000 square feet of residential development rights and almost 1,000,000 square feet with full community facility FAR. Development sites of this size and location are rare and an increasingly desirable commodity.

The Bronx is an increasingly attractive market for both public and private housing developers as sites in Manhattan, Brooklyn, and Queens reach record prices, as evidenced by the number of large, high-profile residential and commercial development sites planned or under construction.  This property is easily accessible via public transportation, with the University Heights Metro-North station adjacent to the site as well as subway and bus access in the proximity.

“An offering of this size and scale is timely, given Mayor de Blasio’s housing plan and requirement for new construction housing units.  This site offers developers an opportunity to create one of the largest housing development projects in the Bronx,” said Massey Knakal’s Karl Brumback, who is exclusively marketing the property.

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Rendering Credit: Greenberg Farrow

Agents: Karl Brumback

Massey Knakal Realty Services has been retained on an exclusive basis to sell the leasehold interest of a retail property at 1821-1837 Richmond Avenue. The property is located on the corner of Richmond Avenue and Eton Place on Staten Island. The asking price is $1,675,000.

The property is occupied by two tenants, TD Bank and Z One Restaurant and Lounge, which are located on separate lots with in-place absolute NNN leases.  The land is encumbered by a 49-year leasehold agreement which runs through 2051.  Combined, the lot size is over 84,000 square feet with 500 feet of frontage on Richmond Avenue and over 151 feet of frontage on Eton Place.  Additionally, TD Bank has 52 dedicated parking spaces and Z One has 99 spaces.

This offering represents an excellent opportunity for an investor to take advantage of strong in-place cash flow with minimal management required.  The property is located on one of the busiest intersections of Staten Island, and nearby retail tenants include McDonald’s, Dunkin’ Donuts, 7-Eleven, and CVS.

“This is an excellent opportunity for an investor to have a high cash flowing, 100% depreciable asset for the next 37 years,” said Massey Knakal’s James Nelson, who is exclusively marketing the leasehold interest.

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Neighborhoods: Staten Island

A two-unit loft building at 268 Water Street, located between Dover Street and Peck Slip in Manhattan’s South Street Seaport Historic District, was sold in an all-cash transaction valued at $5,000,000.

The three-story building contains approximately 5,544 square feet and sits on a 26.7’ x 110’ lot. It consists of floor-through apartments on the second and third floors with ground floor home-office space. About 15 years ago, the entire building was gut renovated with non-toxic, natural and green/recycled materials. Most of the building’s mechanicals were new at the time of the sale and the building was delivered vacant. The sale price equates to approximately $902 per square foot.

“Vacant loft buildings are a rare commodity,” said Massey Knakal’s Michael DeCheser, who exclusively handled this transaction. “We relied heavily on the brokerage community to help us find the right user given the uniqueness of the property,” he continued.

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Agents: Michael DeCheser

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 285 West 12th Street.  The property is located between Eighth Avenue and West 4th Street in Manhattan’s Greenwich Village Historic District.  The asking price is $7,950,000. 

The five-story building contains approximately 6,648 square feet and sits on a 32’ x 65’ lot.  It consists of a lower level retail space, occupied by iconic eatery and cocktail bar The Beatrice Inn, and 11 residential units above, with seven free market, two rent stabilized, one rent controlled, and one which will be delivered vacant.  The property benefits from approximately 1,507 square feet of air rights and presents an excellent opportunity for an investor to take advantage of in-place cash flow in one of the most exclusive neighborhoods of Manhattan. 

“This property offers significant upside, while providing in-place cash flow in the heart of Greenwich Village,” said Massey Knakal’s James Nelson, who is exclusively marketing this property with David Shalom and Matt Nickerson.

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Neighborhoods: Greenwich Village

Massey Knakal's Winfield Clifford was recently named to Commercial Observer's 30 Under 30. The list outlines the up-and-comers in New York's real estate industry.

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Agents: Winfield Clifford

The Eastern Parkway Multifamily Portfolio, five properties located at 1613, 1617, 1621, 1625, and 1631 Eastern Parkway between Saratoga Avenue and Thomas S. Boyland Street in Brooklyn’s Ocean Hill neighborhood, was sold in an all-cash transaction valued at $9,650,000.

The portfolio includes five walk-up properties consisting of four multifamily buildings and one mixed-use building all located on a single block. They hold approximately 309 feet of total frontage, with 235 feet on Eastern Parkway and an additional 74 feet on Thomas S. Boyland Street. The buildings combine for approximately 73,450 square feet, featuring 60 residential units and one commercial unit.  The residential units consist of two studios, 32 one-bedroom, 23 two-bedroom, and three, three-bedroom apartments.  The sale price equates to approximately $131 per square foot.

This portfolio boasts tremendous upside in the emerging Ocean Hill market.  The buildings are centrally located near a number of transportation options, including the 3, 4, A, and C subway lines in close proximity and the B7 bus stop conveniently one block away.

“This stretch of Brooklyn has traditionally been viewed as a tertiary market. However, while Brooklyn’s demand continues to spread, investors are identifying areas of opportunity throughout the borough,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction with Chairman Bob Knakal and Edward Gevinski.

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Neighborhoods: Ocean Hill/ Agents: Stephen Palmese

Massey Knakal Retail Leasing Services has been retained to secure a tenant for a prime retail space at 116 Nassau Street, at the corner of Ann Street in Manhattan’s Financial District.  The space is located just steps away from the newly opened Fulton Street transit hub.

The space contains approximately 11,000 square feet on the ground floor with a 7,000 square foot basement which is approved as selling space.  It features approximately 165 feet of wraparound frontage and is located directly across the street from a 24-hour CVS.

This section of Nassau Street is undergoing enormous change with additions such as The Lara, a 64-unit condominium development directly across the street, and the Beekman Hotel.

“Because of the building’s design, the retail space would be perfect for a restaurant,” said Massey Knakal’s Benjamin Fox, who is exclusively marketing this space with Clare Kelly.  “Moreover, the 5,000 square foot open roof would make for a perfect outdoor beer garden concept,” Fox added.

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Neighborhoods: Financial District/ Agents: Benjamin Fox, Clare Kelly

Massey Knakal is Hiring

11/14/2014 4:35:49 PM/ Massey Knakal/ News - General Real Estate News

Massey Knakal's sophisticated training programs and rigorous certification board are peerless among realty services firms, ensuring that our agents are the most disciplined, skilled and talented in the industry. Creating the best work environment is something we strive for on a daily basis, and intelligence, integrity, professionalism and passion are the keys to maintaining it. Talented individuals are valued at Massey Knakal.

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Massey Knakal Realty Services is pleased to announce the release of their exclusive Third Quarter 2014 Property Sales Reports. These unique, industry-leading, reports provide a comprehensive study of the investment sales market by product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

“After a torrid start to the year, sales volumes stepped back a bit in the third quarter as market dynamics continued to exert upward pressure on record setting property values which continue to escalate. The pace of the dollar volume of sales continues slightly off the 2007 peak while the number of properties sold remains on an all-time record pace,” stated Bob Knakal, Massey Knakal Chairman.

Through the first three quarters of 2014, the New York City investment sales market continued its strong performance, with nearly $39 billion in total dollar volume. 2014 has already surpassed 2013’s annual dollar volume, and is on pace for $52 billion.

“We expect a strong fourth quarter and for dollar volume to accelerate in the final quarter, ending the year north of $60 billion,” said Adrian Mercado, Vice President, Research.

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Tomorrow at the Massey Knakal Multifamily Summit, Brock Emmetsberger, President of the Massey Knakal Charitable Foundation, will share with attendees some information about the Foundation.  We asked Brock a few questions in preparation for the event.

Can you give us a brief overview of the Massey Knakal Charitable Foundation?

The Massey Knakal Charitable Foundation was founded in 2005 on the premise that the greater New York area is one community where all its inhabitants live and work together side by side, and that to help any is to help all by strengthening the community at its most basic level. Our target is the small-to mid-size charitable organizations, where a donation of $500 to $5,000 can be meaningful in helping the charity reach its annual goals. We strive to help eradicate illiteracy, poverty, hunger and homelessness, and attempt to provide long-term opportunities to those individuals who otherwise have none.

Massey Knakal has always believed that philanthropy is good for the soul and good for business. The Foundation was established to continue the firm's tradition of extensive giving to a wide array of youth and educational programs. The Foundation allows Massey Knakal's partners, agents, and employees to consolidate their philanthropic efforts and give back to the neighborhoods that have afforded the firm the opportunity to grow.

How can Massey Knakal employees get involved with MKCF?

We have a 1% club where all MK brokers and employees can contribute 1% of their salary. This is our financial backbone and we couldn’t be more thankful for those who have been loyal over the years. Without their support we wouldn’t be able to help so many charitable organizations flourish.  Throughout the year we also organize volunteer events and charitable drives as well. Human capital is always creates the biggest impact.

Tell us a little more about MKCF volunteer events.

We aim to hold a charitable drive or volunteer event at least once a quarter. Charitable drives Career Gear and Bottomless Closet where we collected professional clothing for men and women. We have also conducted toy drives for the young patients at Slone Kettering. The MK family has volunteered at soup kitchens including the Bowery Mission and St. Xavier Church in Chelsea and kicked off the school year with Operation Backpack. Friends and family are always invited to our events, more is certainly merrier!

The Massey Knakal Multifamily Summit & Operations Academy, which brings together owners, operators, investors, and multifamily experts, begins today at the McGraw-Hill Conference Center.  Day 1, which is an “invite only” event for property and asset managers of multifamily units, offers a boardroom style setting with an in-depth discussion of the key issues.  Day 2 features over 40 titans of multifamily real estate as they discuss where and how to create value.  Over 850 attendees are expected, making it the largest day-long multifamily event in New York.

A townhouse at 209 East 111th Street, located between Second and Third Avenues in Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $1,250,000.

The four-story townhouse contains approximately 3,036 square feet and sits on a 22.33’ x 100.92’ lot. Built in 1998, it consists of three free market residential units, with a ground floor one-bedroom unit, a three-bedroom owner’s duplex and a fourth floor two-bedroom unit. The property benefits a driveway and garage. The sale price equates to approximately $412 per square foot.

The building is located just two blocks from the 6 subway line stop at 110th Street and Lexington Avenue. Access to shopping, restaurants and entertainment are all in close proximity and the East River Plaza shopping center is only a short walk away.  

“This is a unique property. It is relatively new construction and offers 22 feet of frontage as well as a garage,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled this transaction. “The all-cash buyer was able to move quickly, closing in less than 30 days. This property will provide a fantastic live-plus income opportunity for the new owner,” he continued.

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Neighborhoods: Harlem

The excitement and general optimism of Brooklyn’s real estate market in the most recent cycle is usually reserved for north Brooklyn neighborhoods like Williamsburg, Greenpoint and extends as far south as Park Slope and to a lesser extent Gowanus. However, little mention is made of the impact southwest Brooklyn has had on the uptick in activity. Although the southwest part of the borough was one of the last areas investors focused on following the successes of the aforementioned sections of Brooklyn, the neighborhoods that make up this slice of Brooklyn (Bay Ridge, Bensonhurst, Borough Park, Brighton Beach, Coney Island, Dyker Heights, Gravesend, Kensington, Sheepshead Bay, South Slope, and Sunset Park) have actually contributed a significant amount of volume to the transactional pie.

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